Benzinga | Dec 7, 2021 08:28AM EST

Asbury Auto Reports Completion Of Purchase Of Stevinson Auto, No Terms Disclosed; Co. Says Acquisition Will Add ~$715M In Annual Sales

* Eight dealerships in the attractive Denver, Colorado market representing six franchise brands, plus an additional franchise open point

* Well-respected group with an impressive share of leading brands in this desirable market

* Adds approximately $715 million in annualized revenue

DULUTH, Ga.--(BUSINESS WIRE)-- Asbury Automotive Group, Inc. (NYSE:ABG), one of the largest automotive retail and service companies in the U.S., completed the acquisition of Stevinson Automotive ("Stevinson") adding approximately $715 million in annual revenues.

"We are thrilled to add to our growing footprint in the dynamic and growing Denver area, especially through a well-respected and successful dealership group like Stevinson," said David Hult, Asbury's President and Chief Executive Officer. "Many of Stevinson's award-winning dealerships are ranked as some of the best in the country, but what makes this group special are its people and the culture they have built over its 60-year history. Stevinson's 600 plus team members are talented professionals who are dedicated to the guest experience and aligned with our North Star of being the most guest-centric automotive retail company."

Hult continued, "We are excited that Kent has agreed to stay on and guide Asbury through the real estate and construction projects in Colorado."

"After meeting with David Hult and the Asbury team and getting to know them, I knew that their business approach, their philosophy toward employees and customers mirrored our own here at Stevinson. I look forward to David and his exceptional team continuing the Stevinson legacy for another 60 years!" said Kent Stevinson, Owner, Stevinson Automotive.

Stevinson owns and operates a portfolio of award-winning dealerships with an impressive share of leading brands in the Denver market.

Stevinson has a highly attractive mix of dealerships with revenue comprised of 48% Toyota, 27% Lexus, 10% Porsche, 8% Chevrolet, 4% Hyundai, and 3% Jaguar.

The operating assets to be acquired include eight (8) new vehicle franchises, all of which are located in the attractive Denver market: two (2) Lexus, two (2) Toyota, one (1) Porsche, one (1) Chevrolet, one (1) Hyundai, and one (1) Jaguar; plus one (1) Land Rover open point.

"Asbury appreciated working with Kerrigan Advisors, who represented Stevinson and played an instrumental role in the success of this strategic transaction," said Mr. Hult.

Stephen Dietrich of Holland & Knight served as legal counsel to Stevinson, while Kevin Sutton and Katherine Frazier of Hill Ward Henderson served as legal counsel to Asbury Automotive Group.

Other Acquisitions

Asbury has an additional $5.7 billion in annualized revenue under contract from the acquisition of Larry H. Miller Dealerships and Total Care Auto, Powered by Landcar.